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Use this home buying checklist as a cheat sheet for your entire home buying process: from gathering your documents to applying for a mortgage and finding your dream home.
1. EMPLOYMENT/INCOME
- Name, address, phone number, and dates of employment for all employers over the last 2 years
- 30 days’ worth of paystubs or most recent LES
- Last 2 years’ W2s
- If self employed or receive commission or rental income:
- Last 2 years’ personal tax returns
- If you own a business: Last 2 years’ business tax returns
- Copies of social security, pension, and/or retirement award letters and corresponding 1099s
- Divorce decree and settlement paperwork for separate maintenance (if applicable)
- Explanation letter for employment gaps
2. ASSETS
- 60 days’ bank statements for checking and savings accounts
- 60 days’ statements for investment and retirement accounts
- Documentation for real estate currently owned, if any
3. PERSONAL INFORMATION
- Government-issued ID
- Your basic information like name, address, and phone number
- Previous addresses for the past 2 years
- Dates of birth and years of school completed
- Social Security numbers for all applicants for credit check
- Race and Ethnicity information (for government monitoring – requested on all mortgage loans)
- Copy of valid ID such as a driver’s license or government ID
- State where you plan to purchase
- Number and age of dependents
4. PROPERTY YOU ARE BUYING
- Purchase contract accepted and signed by you and the seller\
- Appraisal showing a value of at least the purchase price (your lender will order)
- Name and contact information for the homeowner’s insurance agent you will use
- Name and phone number for the homeowner’s association, if applicable
- A home inspection report is typically not required by your lender, but it’s a good idea to get an inspection
5. CREDIT/LIABILITIES
- General knowledge of your current credit card, student loan, auto loan, and other credit accounts. Your loan officer will pull a credit report that shows your accounts, but on occasion, the information may be outdated, missing, or erroneous.
- Explanation for credit mishaps
- Bankruptcy and discharge paperwork (if applicable)
- Documentation disproving any erroneous items on your credit report